SpaceX Setback Pushes Musk Down!

Elon Musk has reportedly lost his trillionaire status after a sharp decline in the share price of SpaceX, following its record breaking IPO. His net worth has now fallen to an estimated $992 billion to $997 billion. Despite this decline, Musk continues to remain the world's richest person.

SpaceX made history in June with one of the largest IPOs ever, raising around $75 billion at an issue price of $135 per share. The stock opened at $150 and surged further, helping Musk's net worth exceed $1.2 trillion and making him the world's first trillionaire.

However, since early July, SpaceX shares have dropped by more than 30% from their peak, wiping out hundreds of billions of dollars in market value. Analysts attribute the decline to profit booking by investors and concerns over the company's valuation. Despite the recent correction, market experts believe SpaceX still has strong long term growth potential.